TV Mohandas Pai, the former CFO of Infosys, accused OYO of "fake accounting" after the startup claimed it turned EBITDA positive for the first time in the first quarter of FY23, with an adjusted EBITDA of ₹7.3 crore.
"There is nothing like...adjusted EBITDA.
They are trying to mislead investors...Regulators and stock exchanges should stop such misreporting in India," Pai tweeted.